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May 2016 Individual Due Dates May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to

Article Highlights: Trade-in Sale Personal Use Allocation Other Considerations From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is

Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements Some years ago, Senate hearings revealed that many Americans were hiding millions of dollars in Swiss and other foreign banks, not reporting the income from these accounts, and not complying

Article Highlights: 2015 IRA contributions can be made through April 18, 2016. 2015 SEP IRA & Solo 401(k) contributions can be made through October 17, 2016. 2015 Health Savings Account contributions can be made through April 18, 2016. 2015 Coverdell Education Account contributions can be made through April 18, 2016. Did you know that